The ruble is going up on the background of the oil growth

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The ruble is going up on the background of the oil growth
September 08
10:30 2016

This morning the ruble is growing because of the drop of oil quotations. Oil has risen on the information about the sudden fall of raw material reserve volumes in the United States. The data came from the American Petroleum Institute.

Today the market has focused on the output of the statistical data on the oscillations of the US weekly oil reserves, which will be published today at 18.00. Also, the European Central Bank meeting and the press conference regarding it are being expected today. However, the market is not waiting for any changes in the actual policy of the zero rates from this meeting.

At the start of the trading session the currency pair USD / RUB was equal to 93.92 for the first time since 19 August. After some time the pair calculations “tomorrow” was being traded within 63.99 on the Moscow stock exchange. It is 0.2 percent lower than the indicators of the end of the session on Tuesday.

At the beginning of the day the euro calculations “tomorrow” was nearly 72.05 rubles. It is 0.1 percent below the close of the previous trading session.

Currently, Brent is being traded within $ 48.708 per barrel. This is 1.5 percent above the finish of the trading session on Wednesday. As the results of this session, Brent crude oil has risen by the same amount against the information from the API, which reflected the reduction of the oil reserve stocks in the US by 12.1 million barrels over the last week.

The current recession can be considered a record. If the information from the Energy Information Administration (EIA) gives the official confirmation of the API data, it will be the biggest decline in stocks since April 1985. The publication of this information is expected by the market tonight.

The dollar is in a small minus in the financial markets today. Quotes of the euro / dollar pair are around $ 1.1160, and the dollar is losing 0.2 percent in the morning.

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